The aftermath of the 2024 US presidential election has seen a significant increase in the wealth of Elon Musk, the richest person in the world. His net worth reached a record $347.8 billion, surpassing his previous high set in November 2021. This surge in wealth is attributed to the rally in Tesla shares, which climbed 3.8% on Friday following the election. Since Election Day, Tesla's stock has risen by about 40%, driven by investor optimism that Musk's influence in the Trump administration will lead to favorable deregulation policies benefiting the company.
Musk, who is Tesla's largest individual shareholder, has seen his net worth increase by approximately $83 billion since the election, according to the Bloomberg Billionaires Index. His alliance with President-elect Donald Trump has further elevated Musk and his ventures, including Tesla, SpaceX, Neuralink, and the Boring Company. Additionally, Musk will now co-lead a new 'Department of Government Efficiency (DOGE)' along with Vivek Ramaswamy, named after a popular memecoin.
Furthermore, Musk's artificial intelligence startup, xAI, experienced a significant surge in value during a recent funding round, reaching $50 billion from its previous valuation just a few months ago. This success has propelled Musk far ahead of his billionaire peers in the rankings, with his net worth exceeding that of the second richest person, Amazon founder Jeff Bezos, by over $100 billion as of Tuesday.
